9-1132. Personal liability of officers and directors, exceptions.
9-1132
9-1132. Personal liability of officers and directors, exceptions.
Except for persons who are executive officers, an officer or
director of a bank or national banking
association shall have no personal liability to the bank, association or its
stockholders for monetary damages for breach of duty as
an officer or director, except that such liability shall not be eliminated for:
(a) Any breach of the officer's or director's duty of loyalty to the bank,
association or its stockholders; (b) acts or omissions which constitute willful
or gross and wanton negligent breach of the officer's or director's duty of
care; (c) acts in violation of K.S.A. 9-910, 9-911 or 9-912 and amendments
thereto; or (d) any transaction from which the officer or director derived an
improper personal benefit.
For
purposes of this section, "executive officer" means the chairperson of the
board,
the president, each vice president, the cashier, the secretary and the
treasurer of a bank or national banking association, unless such officer is
excluded by resolution of the board of directors or by the bylaws of the bank
or national banking association from participation in the policymaking
functions of the bank or national banking association, and the officer does not
actually participate in the policymaking functions of the bank or national
banking association.
History: L. 1993, ch. 288, § 1; May 20.